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Exclusive: FATF weighing need for international standard on bitcoin regulation

Mar 14 2014 Brett Wolf, Compliance Complete

The global anti-money laundering standard-setter told Compliance Complete it is weighing whether to issue a recommendation or take other action to lead the way in the international regulation of bitcoin and other digital currencies. The Paris-based Financial Action Task Force (FATF), which identifies and analyses money laundering and terrorist financing threats to the integrity of the global financial system, "is looking into the issue of virtual currencies and how they are covered by existing regulations," spokeswoman Alexandra Wijmenga-Daniel said in an emailed response to a query from Compliance Complete. It remains "too early to say" if FATF's examination of the matter "will result in a new FATF Recommendation or other FATF policy work," Wijmenga-Daniel said. "Virtual currency is a relatively new concept that has drawn a lot of attention on the international financial markets. If the use of virtual currency is going to continue to grow, then it is important that this does not

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